Co-op of the Day: 101 Lafayette
Though we’ve never been inside, we’ve always dug this old prewar apartment building on Lafayette and South Oxford Street. It’s about as Bing-and-Bing as you’ll find in the area. Judging from the photos of this studio, not all the apartments share the grandeur and scale of the building’s exterior. Too bad. This 400-footer is priced…
Though we’ve never been inside, we’ve always dug this old prewar apartment building on Lafayette and South Oxford Street. It’s about as Bing-and-Bing as you’ll find in the area. Judging from the photos of this studio, not all the apartments share the grandeur and scale of the building’s exterior. Too bad. This 400-footer is priced at $275,000 with a $356 maintenance. Can anyone who’s been looking at this end of the market weigh in on what kind of a bang for your buck this is?
101 Lafayette Avenue, #8L [Corcoran] GMAP
Nobody’s “selling en masse”–there are alot of units in the building so there tend to be units on the market frequently. I know of one Corcoran broker who owned a unit in the bldg, and I think he sold it.
Many of the current owners own additional units that they rent out. It’s a great investment. Sure you can get more space elsewhere, but remember it’s LOCATION that counts.
And its easy to live in a studio, if you don’t stuff it full of crap.
Nobody’s “selling en masse”–there are alot of units in the building so there tend to be units on the market frequently. I know of one Corcoran broker who owned a unit. Many of the current owners own additional units that they rent out. And its easy to live in a studio, if you don’t stuff it full of crap.
Apt. 8G will be hitting the market vacant, FSBO, jan. 15th @ $275,000 maint $425, being that the most recent sale was $271k and i have heard the other two units on the corcoran site were in contract both above ask, i would say $275,000 is fair.
Eric Macho clearly has little idea about new york in the depression era.
“Now, the city is filled with rich fools who steal money from the masses through various financial instruments”
Back then it was populated with, comparatively, even richer people who just stole money period from everyone else. Oh the salad days of the Depression, that they would return…
Oy vey. Who’s buying them? Smart neighbors to enlarge their own pads. Stupid single hipster wolves who are now embarrassed to live in oh-so-yesterday Williamsburg. That’s my guess.
I can’t see an investor finding them attractive at rental income these babies produce at these sale prices. Yep – cheaper to rent.
I also agree that better bang for your buck lies in Prospect/Crown Heights. Maybe Crown Heights – the further away from that stadium (the Ratner Homogenization Plan for Brooklyn) the better.
As an architect I can kind of see a little potential in that kind of space if you had the dough, but if you’re buying a $300,000 studio, chances are you’re not doing any kind of renovation. My question is: who is buying these apartments? My girlfriend has her own studio that is a little smaller than this one and it’s basically impossible to keep clean, can’t realistically accommodate more than one person at a time and has a mediocre bathroom and a really tiny kitchen. What’s the appeal? You can rent a studio for way less that it would cost to own and you can save money for something with some more walls.
$325k! Holy crap! That must’ve been a 50 grand murphy bed in there!
FYI that apartment for sale at $315k sold for above asking… $320k or $325k I believe. Like the above poster said $500-600 psf.
I’ve looked at probably 10 apartments in this building over the past five years – from the dark and dingy to the bright and perky – and came close to buying one last year that was the largest studio series (or so I was told). The seller (a corcoran broker) was willing to accept $265k back when the market was hotter. And it was nicer than this one. I didn’t go for it because nothing was what was initially promised at the sales pitch i.e. rental incomes, maintenance fees, the seller’s price, market direction. It was my first go at dealing – so I was probably naievely thinking good of brokers. Interestingly enough, a lot of corcoran brokers have apts in this building that they sublet out. And they seem to be selling them now. Apartments come up for sale in this building regularly in my observation. but it is curious that the real estate professionals are offloading en masse. The broker for this apt – had his on the market for $315k a few months back. it was nice enough – but way overpriced in comparison to the rest of the building. I wonder if this is his apartment too since he is Corcoran Manhattan based. If it is – that definitely confirms that this is a massive price. I like this building because it is the cheapest you can get in Fort Greene. But – yes – the elevators are slow – the common spaces are dreary – and there is no cross ventilation in the studios – you have to fill your one studio window with an air conditioner in the summer.